Lead Scoring Software Buyers Guide
Last updated: October 03, 2023
Every business has prospects, and so every business needs a fool-proof system organizing and prioritizing them. Not all leads hold the same value or require the same kind of attention/nurturing. There are some prospects with an only casual interest in a brand, while others are looking to make a purchase, as early as the same day. Lead Scoring helps companies identify whether prospects need to be fast-tracked to sales or developed with lead nurturing. Lead Scoring software assesses and ranks leads by making use of lead demographic and firmographic attributes, such as job title, company size, and industry; as well as behavioral scoring such as page visits, clicks, and keywords.
This guide is intended to help you understand some necessary information relating to Lead Scoring software, how they work, their features and what benefits they offer so you can choose the right one for your company requirements.
What is a Lead Scoring software?
Lead scoring is a methodology of determining the worth of leads, or potential customers, by attaching values to them based on their behavior relating to their interest in a product or service. The value of each lead shifts from company to company, however, for the most part, is described by the intrigue shown in the company or their places in the purchasing cycle. Organizations relegate point-based systems in qualifying leads or just label them as hot, warm or cold leads, based on past interactions.
Every company has its distinguished model for assigning points to score their leads, though among the most popular ways is using data from past leads to create the value system. To score a lead, data is assembled about the lead's occupation and job in that industry to decide if they're suitable to sell to. Data about a lead's demographics, activities, and field of interest also play a huge role when determining whether that lead would be interested in a company’s offerings.
Each activity is doled out a point value relying upon how likely the software predicts that activity will prompt a buy. Leads who are a perfect fit and who have exhibited a high enthusiasm for a company or their product are considered marketing-qualified leads and are ordinarily passed to sales divisions, though the individuals who are regarded a solid match however with insignificant interaction are sent to marketing teams for lead nurturing.
Zoho Lead Scoring Page
Prominent Features in a Lead Scoring Software
Rules-based Scoring: A set of rules and determining factors are fixed by the user according to which leads are ranked. This is a traditional lead scoring method and is comparatively less effective and accurate compared to the predictive ranking methods.
Predictive Scoring: Lead’s past interactions and actions are gathered and assessed using a complex algorithm against a value chart based on the data existing in the CRM. The lead is then ranked to its likelihood of making a purchase. Sales teams use these rankings to prioritize likely sales opportunities.
Pipeline Management: Identifying a lead’s location is the sales pipeline is an integral component of lead scoring. Pipeline management monitors and manages contacts and content when the need arises. This gives marketing teams a 360 view of pipelines regarding lead ranks and the best time and approach to contact them.
Analytics and Reports: Analysis of the data captured from leads and constructing comprehensive reports for sales and marketing teams to strategize and monitor activities to determine which leads are most likely to convert to sales, is a crucial step in lead scoring.
Other Considerations:
Cloud-based or On-premise deployment: In-house installments have their own set of pros and cons such as the ease of having all data safe within your office premises, there for you to access at all times without the need of an internet connection. However, the additional requirements such as hosting, implementation cost, storage space, hardware servers and regular maintenance by the buying party adds up to a lot of extra hassle. Whereas cloud-based platforms are increasingly popular today for their ease, as they have your entire data secured on an infinite cloud-space that you can access any time at any place, it requires no implementation, hardware or extra staff for its constant maintenance.
Integration with CRM: Since the introduction of predictive lead scoring algorithms, the need for seamless integration with CRM and other marketing solutions has become preordained for any Lead Scoring software, to be able to access contact databases. While there are many lead scoring solutions that are an extension to a larger CRM suite making it easy to access contact information from the mainframe, it is imperative to consider the level of integration when purchasing a standalone so you can gain access to the marketing/CRM database easily otherwise some functions such as predictive lead scoring algorithms will not be able to work properly.
